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HMRC internal manual

Inheritance Tax Manual

From
HM Revenue & Customs
Updated
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Foreign property: valuation of assets: fall in value relief on foreign land or buildings

Fall in value relief (IHTM14621) also applies to foreign land. The procedure is the same as for a claim for fall in value relief on UK land - except the value of the sold land must be converted to sterling using the exchange rate as at the date of sale (IHTM14626).